“After more than eight years delivering the highest revenues of any soccer club in the world, once again topping the $600 million mark last season, Real Madrid bested ManU to land atop FORBES’ list of most valuable soccer teams this year. With a value we estimate at $3.3 billion–versus $3.17 billion for ManU–Real is also now the most valuable sports franchise in the world.”

“Real Madrid, which posted revenue of $650 million during the 2011-12 season, is worth $3.3 billion, more than any team in the world. Los Merengues generated operating income (earnings before interest, taxes, depreciation and amortization and player trading) of $134 million, more than any soccer team and second only to the NFL’s Dallas Cowboys ($227 million) among all sports teams.”

Forbes: World’s Most Valuable Sports Teams

Top 10:

1. Manchester United - $1.86 billion
2. Dallas Cowboys - $1.81 billion
3. New York Yankees - $1.7 billion
4. Washington Redskins - $1.55 billion
5. Real Madrid - $1.45 billion (2nd in gross revenue [$537 million])
6. New England Patriots - $1.37 billion
7. Arsenal - $1.19 billion
8. New York Giants - $1.18 billion
9. Houston Texans - $1.17 billion
10. New York Jets - $1.14 billion

Complete list here.